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• <br />STAFF ORIGINATOR: <br />CITY COUNCIL <br />MEETING DATE: <br />TOPIC: <br />AGENDA ITEM 3A <br />Michael Grochala <br />March 12, 2007 <br />Consideration of Resolution No. 07-46, Approving <br />Purchase Agreement with Holiday Stationstores, Lake <br />Dr. /35W Interchange Reconstruction <br />Parcel 12 -1 & 12 -2, Right of Way Plat No. 3 <br />VOTE REQUIRED: Simple Majority <br />BACKGROUND: <br />The City of Lino Lakes is proceeding with the reconstruction of the Lake Drive /35W <br />Interchange in 2007. As part of the proposed project the City identified the need to <br />acquire right -of -way and /or easements from 16 parcels adjacent to the proposed <br />improvements. <br />The City Attorney has finalized a purchase agreement with Holiday Stationstores for the <br />acquisition of parcels 12 -1 & 12 -2, City of Lino Lakes Right of Way Plat No. 3. The <br />original appraised value for the parcel was $255,000. As set forth in the purchase <br />agreement Holiday is agreeing to a purchase price of $206,885. <br />Mr. Bill Hawkins, City Attorney, will be present to discuss the specifics of the <br />agreement. <br />RECOMMENDATION: <br />Staff recommends approval of Resolution No. 07 -46. <br />ATTACHMENTS <br />1. Resolution No. 07 -46 <br />2. Purchase Agreement <br />• <br />